Alexandra (AAOA):
How did you begin to expand your rental business?
Stephanie Bishoff:
After about three years, we had saved so much money that we started looking for deals. During the recession, housing prices really fell, and we watched for foreclosures to add to our inventory.
Alexandra (AAOA):
So today, are you still investing, or do you just manage properties for others?
Stephanie Bishoff:
I do both. My husband’s involved in it with a couple other business partners. I got my Realtor license to be able to manage other properties. We manage a 136-unit condominium complex and properties that are owned by our local hospital. We also manage homes that are owned by out-of-town investors in addition to houses we are still buying for our own portfolio.
Alexandra (AAOA):
Which is more challenging? Being your own property manager or running it for other people?
Stephanie Bishoff:
For me personally, managing properties for other people is more challenging. I feel responsible for the tenants that I choose, although I do send everything to the owner before I rent to someone. But when someone doesn’t pay their rent or they ruin the house, it’s very hard for me. It’s tough because then it’s damage done on property I don’t own. What has really helped us is hiring a handyman to have on staff. If you’re trying to do all the maintenance yourself, you’ll either burn out quickly or spend a lot of money for emergency repairs.
PAGE 61
Powered by FlippingBook